Examlex
What is national income accounting and why is it useful?
Operating Income
Refers to the profit realized from a business's core operating activities, excluding deductions of interest and taxes.
Absorption Costing
Absorption costing is an accounting method that includes all manufacturing costs (both variable and fixed) in the cost of a product.
Variable Costing
Variable costing is an accounting method that only considers variable costs (costs that change with production levels) in the calculation of product or service costs, excluding fixed costs.
Gross Profit
The difference between sales revenue and the cost of goods sold, directly indicating the efficiency of core business activities.
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